Hillsborough to raise $C7m

HILLSBOROUGH Resources plans to raise up to $C7 million in a private placement to fund exploration, development, expansion and operation of its North American mining and resource properties.
Hillsborough to raise $C7m Hillsborough to raise $C7m Hillsborough to raise $C7m Hillsborough to raise $C7m Hillsborough to raise $C7m

New ram car for the Crossville Mine. Courtesy Hillsborough Resources.

Angie Tomlinson

The private placement, to be conducted by a syndicate of agents lead by Canaccord Adams and including Dominick & Dominick Securities, will include the placement of up to 5,835,000 units at $1.20 per unit.

Each unit includes one common Hillsborough share plus half of one warrant. Each full warrant entitles the holder to acquire a common share over the next two years for $1.50 per share.

An over-allotment option expiring at the end of the month has also been worked into the agreement, potentially increasing the gross proceeds to $10 million.

Hillsborough currently operates the Quinsam underground thermal coal mine in Campbell River, British Columbia and the Crossville underground thermal coal mine in Tennessee.

It is also developing substantial metallurgical coal properties in British Columbia.

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